HUD Secretary Alphonso Jackson, Rep.
Shays & Other Officials Tour Development At 130
Main Avenue To Laud Unique Affordable Housing Solution
And Norwalk’s Regulatory Approach
Housing Development Fund Provided $5.2 Million in Construction
Financing and Helped ‘Stack Up’ Additional Funding
to Create True Public-Private Partnership
STAMFORD, Conn., July 24, 2007- Representatives of Housing Development Fund (HDF),
a unique nonprofit bank providing funding for affordable housing and an array
of homebuyer assistance programs, joined Alphonso Jackson, Secretary of the United
States Department of Housing & Urban Development (HUD), U.S. Representative
Christopher Shays, Norwalk Mayor Richard Moccia, representatives of the Norwalk
Redevelopment Agency and other officials to tour the development of 19 new and
historic market rate and affordable units they helped fund at 130 Main Avenue.
Developers Simona Tudor, Ron Gugliotta and Mark Rosetti led the tour through
the properties which will sell from between $130,000 and $500,000.
The development was financed by a public private partnership that included a
$250,000 HUD loan, $150,000 in grants from the Norwalk Redevelopment Agency and
other government sources, $175,000 in Connecticut Historical Commission tax credits
and $5.2 million in construction financing from HDF as part of its Multi-Family
Lending Program. The development is particularly special in that it preserves
some of Norwalk’s most historic homes – one that survived the burning
of Norwalk, while creating 19 units of housing – five of them affordable
units.
“
The success of developments like 130 Main Street often hinge on the ability to ‘stack
up’ funding from a variety of sources – public and private – and
make them all work together,” said HDF President and CEO Joan Carty, who
was on hand to explain her organization’s role in the financing process. “We
are proud to have contributed our expertise in this area to put together an extremely
effective public-private partnership for affordable housing and preservation.”
The tour was in conjunction with the HUD Secretary’s ‘National Call
to Action for Affordable Housing through Regulatory Reform’. This initiative
is designed to encourage local communities to join more than 150 other communities
and organizations that have agreed to re-examine their regulations and, where
necessary, reduce or eliminate barriers that effectively put homeownership beyond
the reach of millions of Americans.
Norwalk is one of five communities in the state that have adopted regulations
requiring developments of a particular density to include affordable units. Housing
Development Fund served as an expert resource to Norwalk as it put together its
ordinance.
The HDF Multi-Family Lending Program encourages the development of for-sale and
rental units by providing multi-family homebuyers, nonprofit and private developers
of affordable, senior and special needs units with a variety of finance options.
HDF provides acquisition, construction, pre-development, bridge and permanent
first-mortgage financing at favorable rates. It is one of the few local sources
for 30-year fixed rate mortgages for multi-family housing. HDF’s Multi-Family
Loan pool is supported through its partnership with 17 banks and corporations
and now totals $28 million.
HDF will also help the developers identify and qualify buyers for the affordable
units and will also provide homebuyer education required for purchasers of affordable
units and downpayment assistance where required.
The Housing Development Fund was founded in 1989. It has expanded to serve all
of southwestern Connecticut from its Stamford headquarters and a Danbury office
opened in 2004. HDF’s homebuyer assistance programs include its First Time
Homebuyers Program, SmartMove low interest second mortgage program, CHFA (Connecticut
Housing Finance Authority) approved Homebuyer Education Classes Program and Below
Market Rate Program (BMR). HDF is a HUD-certified lender and Housing Counseling
agency.
HDF provides homebuyers with homebuyer finance, counseling and assistance programs.
It also offers low-interest, flexible financing and technical assistance to developers
and municipalities, and works with the private sector, other nonprofits, and
government entities to facilitate the development of more affordable housing.
The organization manages public/private partnerships to lend funds for these
affordable housing initiatives. It has the largest public/private pool of mortgage
financing for affordable housing in Connecticut – both homeownership and
multi-family development- $38 million.
The Housing Development Fund, Inc. has its headquarters at 100 Prospect Street,
South Tower Plaza, Suite SP-101, Stamford, Connecticut 06901. It also maintains
an office at 8 West Street, Suite 202-204, Danbury, Connecticut 06810. For additional
information call Tami Strauss at 203-969-1830 x19 or visit www.hdf-ct.org.
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